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HomeMy WebLinkAboutIDC COMM 6/22/2016MINUTES OF MEETING f ED oFf ICE INDi1STRIAI, DF,VF,I,OPMF,NT COMMISSION` June 22, 2016 The meeting was called to order at 7 PM by Chair Bob Krentzman Members present: Bob Krentzman, Chair Krista Hill Cummings, Vice Chair Beth Ashman Collins, Clerk Matthew Cummings David Martin Nancy Wall Others Present: Bill Benford, Senior VP Commercial Lending at Mansfield Bank Steve Shoonveld, Selectman glib .ja 22 51 -tit�E?TS Chairman Krentzman called the meeting to order at 7 PM with six members present. Krentzman noted the Town Manager's absence and indicated that, given the high expectations placed on the IDC, the Town Manager's presence is important and expected. MOTION to approve minutes of May 17 passes (Martin / Hill Cummings). Discussion with Bill Benford, Senior VP Commercial Lending at Mansfield Bank Krentzman welcomed Bill Benford and set the stage asking, What can we do, as a commission, to learn about companies that are thinking about moving or expanding so that we can put Mansfield in front of them and market them? Mr. Benford started by talking a little about the bank. Founded in 1880s, Mansfield Bank is a mutual rather than a stock bank. Management runs the bank. We have five branches: Mansfield, Norton, West Bridgewater, Plainville/North Attleboro, and Easton. We have three categories of business: commercial lending, residential mortgage lending, and MSB financial, for personal saving. Commercial lending deals with capital and working capital, and includes working with real estate developers with rental residential properties. What do companies want in a bank and what do they want in a town? Whenever there is a business opportunity in Mansfield we want to be their preferred bank. We at least want to know about the opportunity and speak with them. Matt Cummings left at this time. Mr. Benford has four commercial lenders working to develop long-term relationships with Centers of Influence including accountants, attorneys, and real estate developers in the region. They golf and dine. They are the primary source of referrals. We ask ourselves how we can add value to those relationships? How do we differentiate ourselves? Customer service is the most important. That means being there when they need you, not just when you need them. We do seminars on topics such as wealth management and investing. Customers want low transaction costs and consistent service. For consistency, we try to get more than one deep on a relationship so that when one of our team leaves, there is someone else able to step in right away to continue the relationship. There are programs available to businesses that are relocating or starting up. Mr. Benford is on the board of South Eastern Economic Development (SEED) Corporation. There primary product is a 504 loan program, which allows as little as 10% down and a 20 year fixed rate - something a commercial bank cannot offer. That benefits industrial park -type companies. They also have a microloan program, which can start at $5K whereas the bank commercial lending generally starts at $25. SEED is a certified development company. They have grant money for education. They often use the Holiday Inn in Mansfield for Starting a Business One Day Workshops. That could be avenue for us to reach out to businesses. Business owners know other business owners. So we could reach out to existing businesses to reach other businesses. Martin asked who is the first contact for opening up a business. Some people start with a lender, but we refer them out if they don't yet have a business plan. Most have a location before they seek financing. As we think about promoting downtown development, what are your thoughts on what can succeed on Main Street? Restaurants are succeeding on Main Street. The juice place didn't do well, but it had limited hours. Restaurants like Flynns, De La (Vona, and the Looking Glass Cafe that have more than one location in the region are particularly strong. Main Street businesses should be business that needs foot traffic. Jodice is a counter example, they have a nice building, but their business doesn't survive by foot traffic. The rental and condo markets are doing really well and benefit downtown businesses. Ashman asked whether obsolete structures or lot layouts are a barrier to redevelopment. Mr. Benford says that that comes down to who is going to pay to cost to retrofit. That means you either need a business with the revenue potential to justify a renovation or the business has to make the old building work. Ashman asked Mr. Branford to let us know if Mansfield Zoning, particularly downtown, is ever a barrier to businesses choosing downtown locations. She emphasized that the Town of Mansfield is attentive to business feedback to make sure our zoning isn't a barrier to getting the kind of development the town wants. The group discussed parking requirements for restaurants. At the Bank, similar to economic development, we focus on getting new customers, but serving and keeping existing customers is most important. How can we integrate with your Centers of Influence? (Krentzman will follow up). Laurie Driscoll would be a good contact person at SEED. 2 Recap of Downtown Sub Committee meeting A focus group with downtown business owners has been planned and postponed from this week due to parking discussion to take place with Board of Selectmen. Wall will let the group know when it is rescheduled. Family Fun Night is Tuesday July 12rd. The Downtown Subcommittee is happy to take the lead on planning for this downtown event, figure out what we need, what we don't have, and get back to the full IDC. All IDC members are asked to save the date and plan to take shifts at the table. • The Cultural Council has asked if we want adjoining tables, which is a great idea. • Guessing game from survey • Big idea board with big Post -Its people can fill out. • What does it cost? Maybe $20, will verify. • It is essential to have something to give away (balloons, candy) • Save receipts for any purchases. Invitation by the Board of Selectmen Meeting with Selectmen will be scheduled in July. Selectmen are in the process of bringing in every town committee for a check in. Chairman Krentzman will get back to when a date is set. Selectman Schoonveld spoke with us about the downtown. Downtown has to be something other than a series of strip malls where people expect to park in front of the store. It needs to be a walkable. A meeting discussing zoning would be of high interest. Report on progress on IDC social media and marketing campaign with MHS students Hill Cummings shared that Mansfield High School student, Jessica, has volunteered to help over the summer. The group discussed projects that she could work on. o Keeping Why Mansfield 02048 Facebook fresh o Creating WordPress site for posting resources o Help with Family Fun Night. The group talked about a website in addition to the Facebook page. We need to keep it simple because it will be a struggle to keep anything we create updated. Facebook is good for communication, but not as an archive for resources such as the survey results summary. We need a website for that. Discussion on IDC Brochure General feedback was that we want the brochure to be bright and inviting. We might also think about lowering printing costs through less background color. The current version is too dark and probably too dense with words, Changes to the text were discussed. We want proof points (facts) rather than of general statements. We should get quotes and testimonials from businesses too. Matthew Cummings returned at this time. The group discussed where the brochure would be used. The tri -fold format would work well for sharing at the Chamber, SEED, and at business seminars. Marketing materials for the folder could be 8x11s sheets. It doesn't seem well targeted to distribute the flier at Family Fun Night. The group agreed we should run the brochure by some key informants such as Mr. Benford before printing. While we need more time to finalize the brochure before printing, we have a more immediate need for closure for the Bridgewater University Student who created the brochure (and whose semester is over). Discussion of objectives for Family Fun Night • Meet people and let them know what the IDC is doing • Continue to build public participation in Why Mansfield o Cultivate public awareness of the Mansfield brand o Emphasize our participatory approach with Idea Board • Get people to LIKE us on Facebook • Jar for business cards for people who are interested in being involved • Get quotes and testimonials. • Mansfield welcomes New Businesses. Future speakers- Steve Clancy, Executive Vice President, CB Richard Ellis Member questions and comments Krentzman briefed us his conversation with Selectmen Schoonveld and DelVecchio on how to generate revenue rather than just cutting the budget. Krentzman plans to meet with Steve Clancy soon. Krentzman received letter from VP of Economic Development for the Tri -Town Chamber, Danielle Fish suggesting we schedule a meeting. Given the high expectations for generating new revenue and the nature of the work building relationships, it seems we need to discuss how adding an Economic Development Director position in Mansfield or creating and EDA might be necessary. Future Meetings. Next Scheduled Meeting: Tuesday, July 19,2016 at 7 PM. to Adjourp passes (Martin/Wall) 9:00 PM. �Z/If Zor6 l of Clerk, B th Ashma o ins